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Home My Public Portal AboutOrd 248 GO Bonds B 1994 Gilmore & Bell, P. C. 11/30/1994 ORDINANCE NO. c2'1;> OF THE CITY OF BEL AIRE, KANSAS PASSED DECEMBER 6, 1994 $471,000 GENERAL OBLIGATION BONDS SERIES B, 1994 JLN\400936\BASICDOC (PUBLISHED IN THE ARK VALLEY NEWS ON DECEMBER 8,1994) ORDINANCE NO. :< Y 8' AN ORDINANCE AUTHORIZING THE ISSUANCE AND DELIVERY OF $471,000 PRINCIPAL AMOUNT OF GENERAL OBLIGATION BONDS, SERIES B, 1994, OF CITY OF BEL AIRE, KANSAS; PROVIDING FOR THE LEVY AND COLLECTION OF AN ANNUAL TAX FOR THE PURPOSE OF PAYING THE PRINCIPAL OF AND INTEREST ON SAID BONDS AS THEY BECOME DUE; AND MAKING CERTAIN COVENANTS WIm RESPECT THERETO. WHEREAS, the City is a city of the third class, duly created, organized and existing under the laws of the State of Kansas; and WHEREAS, pursuant to K.S.A. 12-6aOl et seq. as amended, and other provisions of the laws of the State of Kansas applicable thereto, by proceedings duly had, the governing body of the City has caused the following improvements (the "Improvements") to be made in the City, to-wit: (a) Construction of a storm water sewer to serve the property described as: WILLOW POINT AT EAGLE LAKE, SECOND ADDITION, Lots 1 through 27, inclusive, Block 1, and Lots 1 through 12, inclusive, Block 2 (Resolution No. R-93-20); (b) Construction of pavement to serve the property described as: WILLOW POINT AT EAGLE LAKE, SECOND ADDITION, Lots 1 through 13, inclusive, Block 1, and Lots 1 through 12, inclusive, Block 2 (Resolution No. R-93-21); (c) . Construction of a water main to serve the property described as: WILLOW POINT AT EAGLE LAKE, SECOND ADDITION, Lots 1 through 13, inclusive, Block 1, and Lots 1 through 12, inclusive, Block 2 (Resolution No. R-93-22); (d) Construction of a sanitary sewer main to serve the property described as: WILLOW POINT AT EAGLE LAKE, SECOND ADDITION, Lots 7 through 20, inclusive, Block 1, and Lots 7 through 17, inclusive, Block 2 (Resolution No. R-93-23); (e) . Construction of pavement to serve the property described as: SUMMIT HILL, Lots 36 through 56, inclusive, Block 1, Lots 1 through 9, inclusive, Block 5 (Resolution No. R-93-26); (f) Construction of a water main to serve the property described as: SUMMIT HILL, Lots 36 through 56, inclusive, Block 1, Lots 1 through 9, inclusive, Block 5 (Resolution No. R-93-27); (g) Construction of a sanitary sewer main to serve the property described as: SUMMIT HILL, Lots 42 through 49, inclusive, Block 1, Lots 1 through 9, inclusive, JLN\400936\BASICDOC Block 5 (Resolution No. R-93-28); and (h) Construction of a storm water sewer to serve the property described as: SUMMIT HILL, Lots 36 through 56, inclusive, Block 1, and Lots 1 through 9, inclusive, Block 5 (Resolution No. R-93-29); and WHEREAS, aU legal requirements pertaining to the Improvements have been complied with, and the governing body of the City now finds and determines that the total cost of the Improvements (including interest on temporary notes of the City and issuance costs of the Bonds) and related expenses are at least $471,001, all of said cost to be paid by the owners of the property within the City benefitted by the Improvements, and that the owners of the property benefitted by the Improvements have paid $-0- in cash into the City Treasury on account of the Improvements and there is $1 available in the City Treasury to pay part of the City's share of said cost leaving $471,000 to be paid for by the issuance of general obligation bonds; and WHEREAS, the governing body of the City is authorized by law to issue general obligation bonds of the City to pay a portion of the costs of the Improvements; and WHEREAS, the governing body of the City has advertised the sale of its general obligation bonds in accordance with the law and at a meeting held in the City on this date, awarded the sale of such bonds to the lowest bidder; and WHEREAS, the governing body of the City hereby finds and determines that it is necessary for the City to authorize the issuance and delivery of its general obligation bonds in the principal amount of $471,000 to pay a portion of the costs of the Improvements. NOW, THEREFORE, BE IT ORDAINED BY THE GOVERNING BODY OF THE CITY OF BEL AIRE, KANSAS, AS FOLLOWS: Section 1. DefInitions of Words and Terms. "Act" means the Constitution and statutes of the State of Kansas including K.S.A. 10-101 to 10-125, inclusive, K.S.A. 10-620 et seq. and K.S.A. 12-6aOl et seq., as amended and supplemented. "Bond and Interest Fund" means the Bond and Interest Fund of the City for its general obligation bonds. "Bonds" means the Issuer's General Obligation Bonds, Series B, 1994, authorized by the Ordinance in the aggregate principal amount of $471,000, and dated December 1, 1994. "City" means the City of Bel Aire, Kansas. "Clerk" means the duly appointed and acting Clerk or, in the Clerk's absence, the duly appointed and/or elected Deputy Clerk or Acting Clerk of the City. "Code" means the Internal Revenue Code of 1986, as amended, and the applicable regulations proposed or promulgated thereunder of the United States Department of the Treasury. JLN\400936\BASICDOC 2 "Improvements" means the improvements referred to in the preamble to this Ordinance. "Mayor" means the duly elected and acting Mayor of the City or, in the Mayor's absence, the duly appointed and/or elected Vice Mayor or Acting Mayor of the City. "Ordinance" means this Ordinance authorizing the issuance of the Bonds. Section 2. . Authorization of and Security for the Bonds. There shall be issued and hereby are authorized and directed to be issued the General Obligation Bonds, Series B, 1994, of the City in the principal amount of $471,000, for the purpose of providing funds to pay a portion of the costs of the Improvements. Section 3. Terms, Details and Conditions of the Bonds. The Bonds shall be dated and bear interest, shall mature and be payable at such times, shall be in such forms, shall be subject to redemption and payment prior to the maturity thereof, and shall be issued and delivered in the manner prescribed and subject to the provisions, covenants and agreements set forth in a resolution hereinafter adopted by the governing body of the City. Section 4. Levy and Collection of Annual Tax. The governing body of the City shall annually make provision for. the payment of principal of, premium, if any, and interest on the Bonds as the same become due by levying and collecting the necessary taxes and/or assessments upon all of the taxable tangible property within the City in the manner provided by law. The taxes and/or assessments above referred to shall be extended upon the tax rolls in each of the several years, respectively, and shall be levied and collected at the same time and in the same manner as the general ad valorem taxes of the City are levied and collected, and the proceeds derived from said taxes and/or assessments shall be deposited in the Bond and Interest Fund. If at any time said taxes and/or assessments are not collected in time to pay the principal of or interest on the Bonds when due, the City Treasurer is hereby authorized and directed to pay said principal or interest out of the general funds of the City and to reimburse said general funds for money so expended when said taxes and/or assessments are collected. Section 5. Tax Covenants. The City covenants and agrees that (1) it will comply with all applicable provisions of the Code, including Sections 103 and 141 through 150, necessary to maintain the exclusion from gross income for federal income tax purposes of the interest on the Bonds; (2) it will comply with all requirements of Section 148 of the Code to the extent applicable to the Bonds, (3) it will use the proceeds of the Bonds as soon as practicable and with all reasonable dispatch for the purposes for which the Bonds are issued, (4) it will not invest or directly or indirectly use or permit the use of any proceeds of the Bonds or any other funds of the City in any manner, or take or omit to take any action, that would cause the Bonds to be "arbitrage bonds" within the meaning of Section 148(a) of the Code; and (5) it will not use or permit the use of any proceeds of Bonds or any other funds of the City nor take or permit any other action, or fail to take any action, if any such action or failure to take action would adversely affect the exclusion from gross income of the interest on the Bonds. The City will, in addition, adopt such other ordinances or resolutions and take such other actions as may be necessary to comply with the Code and with all other applicable future laws, regulations, published rulings and judicial decisions, in order to ensure that the interest on the Bonds will remain excluded from federal gross income, to the extent any such actions can be taken by the City. JLN\400936\BASICDOC 3 The City covenants and agrees that it will not use any portion of the proceeds of the Bonds, including any investment income earned on such proceeds, directly or indirectly, in a manner that would cause any Bond to be a "private activity bond" within the meaning of Section 141(a) of the Code. Section 6. Further Authority. The Mayor, Clerk and other City officials are hereby further authorized and directed to execute any and all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of the Ordinance to make alterations, changes or additions in the foregoing agreements, statements, instruments and other documents herein approved, authorized and confirmed which they may approve and the execution or taking of such action shall be conclusive evidence of such necessity or advisability. Section 7. Governing Law. The Ordinance and the Bonds shall be governed exclusively by and construed in accordance with the applicable laws of the State of Kansas. Section 8. Effective Date. This Ordinance shall take effect and be in full force from and after its passage by the governing body of the City and publication in the official City newspaper. JLN\400936\BASICDOC 4 . PASSED by the governing body of the City on December 6, 1994; approved by the Mayor. ""~. t~ ......'.... ;,-'l"! ~ \:. (',t ',0\.-:;., ~ ,. I ". ;,,/IY"r-'( '... t-'''', <'J/." " ", o /1,' {".~ ~ /,\, ," .'... 1~~'''SEA:b}\ \\ ."~. i-II,,~ -~ ,\ ' . ,\~.:;I '0(, t",.., ) \' \ ;. ... " ' ;-, \ /'" ;;-:(....1 ~) ',J \\ ... ., ~.-~ '\....< l .f \",').,' \ ,". ': .\, '.'''. ; "~'l",,, i ,\" ',' '. ',J 1" ' ~/,A" \ ,',' ~. , A:l'KP~J:: ,',> .... ......._ /J" ,;,;r; '\ \ ~J...... , . ..t',;.. ~<.;. ~l\' \"\' , , /~ " '.. \ , I' , Vk /~~ '/ Clerk APPROVED AS TO FORM ONLY. City Attorney JLN\400936\BASICDOC _~,~A~~ Mayor 5 CERTIFICATE I, the undersigned, hereby, certify that the above and foregoing is a true and correct copy of the original Ordinance No. J Lj [( (the "Ordinance") of the City of Bel Aire, Kansas (the "City"); that said Ordinance was passed by the governing body on December 6, 1994; that the record of the final vote on its passage is found, on page of journal _; that it was published in the official newspaper of the City on December 8, 1994; and that the Ordinance has not been modified, amended or repealed and is in full force and effect as of this date. DATED: ~/b~ Clerk JLN\400936\BASICDOC 6